Forget McRib … with a gold parachute like this, he can afford McSteak.
Former McDonald CEO Steve Easterbrook is in the pocket of $ 70 million worth of stock and options as part of a removal from the company due to a consensual relationship with an employee, CBS News reported on Tuesday.
The eight-figure payout will come despite the fast food giant admitting on Sunday that the 52-year-old Easterbrook "violated company policy" and "displayed bad judgment" by engaging in an affair
Bigwig's burger will receive $ 700,000 cash or six months' payment.
"There is no way you can do this if you want the board to send a message that this type of behavior at McDonald's is not acceptable," said veteran payment consultant Brian Foley.
"It's a slap on the wrist. "
Limited stocks and options may increase or fall over the next three ars, depending on how the company fares. If it reaches certain financial goals during this period, Eastbrook's gold court could raise up to $ 85 million in output.
McDonald's Board of Directors decided to classify Westerbrook's compulsory departure as "without cause," meaning that he could have retained many of his stock options.
If he was fired for a "cause," he he would not win the compensation or the fence shares and options, the market said.
The execs company indemnity policy defines "execs" and "termination" as termination when there is "a material breach of McDonald's standards for business conduct or other employment policies."
Managers are forbidden from engaging in romantic relationships with employees under corporate policy.
McDonald declined to comment to CBS News.